MIRA
INFORM REPORT
|
Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE KARUR VYSYA BANK LIMITED |
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Registered
Office : |
Post Box No. 21,
Erode Road, Karur - 639 002, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.06.1916 |
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Com. Reg. No.: |
001295 |
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Capital
Investment / Paid-up Capital : |
Rs. 1071.811
Millions |
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CIN No.: [Company Identification
No.] |
L65110TN1916PLC001295 |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Banking Activities |
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No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 133000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an old a well-established and a reputed bank having fine track. The bank is doing well. Financial position of the bank is sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The Bank can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [ Billiow Certificate of Deposits] |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
13.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management non co-operative [91-4324-225521]
LOCATIONS
|
Registered Office / Central Office: |
Post Box No. 21,
Erode Road, Karur – 639 002, Tamilnadu, India |
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Tel. No.: |
91 4324-22520 / 225521-25 |
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Fax No.: |
91 4324-20202 / 225700 |
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E-Mail : |
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Website : |
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Divisional Offices: |
Located At: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Coimbatore ·
Delhi ·
Ernakulam ·
Hyderabad ·
Karur ·
Kolkata ·
Madurai ·
Mumbai ·
Salem ·
Tambaram ·
Trichy ·
Vijayawada ·
Visakhapatnam |
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Branch Offices: |
Located At:
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K.P. Kumar |
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Designation : |
Chairman and Director |
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Name : |
Mr. K. Venkataraman |
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Designation : |
Managing Director |
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Name : |
Mr. M.G.S. Ramesh Babu |
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Designation : |
Director |
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Name : |
Mr. S. Ganapathi Subramanian |
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Designation : |
Director |
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Name : |
Mr. G. Rajasekaran |
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Designation : |
Director |
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Name : |
Mr. A.J. Suriyanarayana |
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Designation : |
Director |
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Name : |
Mr. K. Ramadurai |
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Designation : |
Director |
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Name : |
Mr. K.K. Balu |
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Designation : |
Director |
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Name : |
Mr. N.S. Srinath |
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Designation : |
Director |
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Name : |
Mr. B. Swaminathan |
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Designation : |
Director |
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Name : |
Dr. V. G. Mohan
Prasad |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Krishnaswamy. V |
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Designation : |
President & COO |
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Name : |
Mr. Venkateswara Rao. K |
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Designation : |
Chief General Manager |
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Name : |
Mr. Natarajan. J |
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Designation : |
General Manager |
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Name : |
Mr. Anantha Kumar. G.S |
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Designation : |
General Manager |
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Name : |
Mr. Sivarama Prasad. T |
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Designation : |
General Manager |
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Name : |
Mr. Srinivasan.T.S |
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Designation : |
General Manager |
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Name : |
Mr. Balaji. S |
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Designation : |
General Manager |
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Name : |
Mr. Srinivasan. V |
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Designation : |
General Manager |
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Name : |
Mr. Balachandran
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Designation : |
General Manager |
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Deputy General Manager: |
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Names : |
Mr. Subramanyam V Mr. Srinivasan V Mr. Babuji S Mr. Balasubramanian S Mr. Swaminathan K P Mr. Mohan K Mr. Sankara Vadivel T K Mr. Sekar S Mr. Sathyamoorthy K Mr. Sairaj G R Mr. Ramasubramanian S Mr. Ashok Kumar G P Mr. Saravanun C Mr. Raghunathan S Mr. Ravi S Mr.Prasad S K V Mr. Swaminathan K Mr. Sampath G Mr. Subbaiyan M Mr. Nagarajan K Mr. Kannan R Mr .Pitchai M Mr. Unnikrishnan K Mr. Rajagopalan R Mr. Jarard Thomas |
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Assistant General Manager: |
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Names : |
Mr. Ashok Vennelakanti Mr. Ramalingam N Mr. Murali Kumar M Mr. Gopinath A Mr. Parthasarathi R Mr. Lakshmanan L Mr. Varadharajan A Mr. Venkatesan R Mr. Hariharan K Mr. Venkatesh C Mr. Ramshankar R Mr. Ramkumar B Mr. Raghavendran N Mr. Mohan Kumar G Mr. Murali L Mr. Ramesh E Mr. Vasudevan S Mr. Lekshminarayanan V Mr. Chandrasekaran R N Mr. Ganesan R Mr. Elango R Mr. Sankaran P S Mr. Muralidharan V Mr. Sekar K S Mr. Anburaj V Mr. Gowri Shankar J Mr. Gopalan S Mr. Radhesyam T Mr. Ramakrishna C Mr. Palpandian M Mr. Srinivasan G V Mr. Sivakumar S Mr. Ravichandran K Mr. Satya Surya Prakash K Mr. Ramani V B Mr. Giridharan S Mr. Ramasamy G V Mr. Vijayakumar P V Mr. Venkataraman G Mr. Muthu Kumar K P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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3226837 |
3.01 |
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|
3226837 |
3.01 |
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Total shareholding of Promoter and Promoter Group (A) |
3226837 |
3.01 |
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(B) Public Shareholding |
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|
10350236 |
9.66 |
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|
415594 |
0.39 |
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|
2551011 |
2.38 |
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|
26929135 |
25.12 |
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|
140 |
0.00 |
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|
140 |
0.00 |
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40246116 |
37.55 |
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7685689 |
7.17 |
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28355374 |
26.46 |
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|
24774342 |
23.11 |
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2892748 |
2.70 |
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|
369793 |
0.35 |
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|
407991 |
0.38 |
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|
1088629 |
1.02 |
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|
137517 |
0.13 |
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|
888818 |
0.83 |
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|
63708153 |
59.44 |
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Total Public shareholding (B) |
103954269 |
96.99 |
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Total (A)+(B) |
107181106 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
107181106 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Banking Activities |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
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Bankers : |
Reserve Bank of India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R.K. Kumar and Company Chartered Accountants |
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Address : |
Chennai, India |
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Legal
Adviser: |
Mr. K.N. Shrinivasan, BA., B.L. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
107268622 |
Equity Shares |
Rs.10/- each
|
Rs.1072.686 Millions
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
107181106 |
Equity Shares |
Rs.10/- each
|
Rs.1071.811
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
CAPITAL & LIABILITIES |
|
|
|
|
Capital |
1071.811 |
1071.811 |
1071.804 |
|
Reserves & Surplus |
32191.634 |
29780.130 |
26010.385 |
|
Deposits |
437576.842 |
386529.791 |
3221115.926 |
|
Borrowings |
32933.087 |
39993.424 |
19725.614 |
|
Other Liabilities and Provisions |
11658.153 |
9958.239 |
8425.156 |
|
TOTAL |
515431.527 |
467333.395 |
3276348.885 |
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ASSETS |
|
|
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Cash &
Balances with RBI |
25461.978 |
16286.357 |
19208.667 |
|
Balances with
Banks and money at Call & Short Notice |
1320.349 |
1673.841 |
1145.816 |
|
Investments |
132470.042 |
138372.581 |
105060.954 |
|
Advances |
339921.337 |
294801.260 |
239491.864 |
|
Fixed Assets |
3846.956 |
3221.098 |
2448.461 |
|
Other Assets |
12410.865 |
12978.258 |
8993.123 |
|
TOTAL |
515431.527 |
467333.395 |
376348.885 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
INCOME |
|
|
|
|
|
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Interest earned |
51159.634 |
42424.290 |
32703.729 |
|
|
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Other Income |
5644.501 |
4525.616 |
3501.499 |
|
|
|
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TOTAL |
56804.135 |
46949.906 |
36205.228 |
|
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Less |
EXPENDITURE |
|
|
|
|
|
|
Interest expended |
38322.568 |
30839.621 |
23532.461 |
|
|
|
Operating expenses |
10103.616 |
7621.970 |
5415.638 |
|
|
|
Provisions and Contingencies |
4081.956 |
2985.086 |
2239.889 |
|
|
|
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TOTAL |
52508.140 |
41446.677 |
31187.988 |
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Net Profit For The Year |
4295.995 |
5503.229 |
5017.240 |
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PROFIT BROUGHT FORWARD |
10.254 |
17.727 |
23.114 |
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Add |
PROVISION FOR MEDICAL LEAVE |
0.000 |
0.000 |
148.000 |
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|
CHARITY ACCOUNT |
0.000 |
0.000 |
27.750 |
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfers to Statutory Reserve |
1280.000 |
1650.000 |
1505.000 |
|
|
|
Capital Reserve |
17.460 |
165.150 |
31.425 |
|
|
|
Special Reserve |
0.000 |
500.000 |
350.000 |
|
|
|
Revenue & Other Reserves |
1570.000 |
1230.000 |
1568.000 |
|
|
|
Proposed Dividend |
1399.855 |
1500.536 |
1500.529 |
|
|
|
Dividend Tax |
237.905 |
255.016 |
243.423 |
|
|
|
Investment Reserve |
-210.000 |
210.000 |
0.000 |
|
|
BALANCE
OF PROFIT |
11.029 |
10.254 |
17.727 |
|
|
|
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|
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|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
40.08 |
51.35 |
46.81 |
|
|
|
- Diluted |
39.78 |
50.94 |
46.81 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
(Yes) |
|
2] |
Locality of the firm |
(Yes) |
|
3] |
Constitutions of the firm |
(Yes) |
|
4] |
Premises details |
(No) |
|
5] |
Type of Business |
(Yes) |
|
6] |
Line of Business |
(Yes) |
|
7] |
Promoter's background |
(Yes) |
|
8] |
No. of employees |
(No) |
|
9] |
Name of person contacted |
(No) |
|
10] |
Designation of contact person |
(No) |
|
11] |
Turnover of firm for last three years |
(Yes) |
|
12] |
Profitability for last three years |
(Yes) |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
(No) |
|
15] |
Capital in the business |
(Yes) |
|
16] |
Details of sister concerns |
(No) |
|
17] |
Major suppliers |
(No) |
|
18] |
Major customers |
(No) |
|
19] |
Payments terms |
(No) |
|
20] |
Export / Import details (if applicable) |
(No) |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
(Yes) |
|
23] |
Banking Details |
(Yes) |
|
24] |
Banking facility details |
(Yes) |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
(Yes) |
|
28] |
Incorporation details, if applicable |
(Yes) |
|
29] |
Last accounts filed at ROC |
(Yes) |
|
30] |
Major Shareholders, if available |
(No) |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
(No) |
|
32] |
PAN of Proprietor/Partner/Director, if available |
(No) |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
(No) |
|
34] |
External Agency Rating, if available |
(Yes) |
DIRECTORS’ REPORT
Total Business
During
the year ended 31.03.2014, Total Business of the Bank recorded an increase of
14.08% at Rs. 779836.60 Millions as compared to Rs.683588.7 Millions as on
31.03.2013.
Awards
and Accolades
The Bank has received the following awards
and recognition during the year 2013-14.
(i)
Best Small Bank Award given by Business World Magna Awards 2014 recognizing
Banking excellence.
(ii)
State Forum of Banker’s Club, Kerala Excellence Awards 2014 selected KVB as the
third Best bank among private sector banks at the national level and presented
the award.
(iii)
The Sunday Standard Best Bankers’ Awards 2013 awarded the Best Banker Growth
Mid-Sized award to the Bank.
(iv)
Institute of Public Enterprises (IPE)-BFSI awarded “Best Bank in Private
Sector” in June 2013.
(v)
Kompella Portfolio Investment Advice Magazine, Hyderabad recognized KVB as the
‘Top Bank in the Old Private Sector’ and “Third best Bank of the quarter” among
public sector, old private sector and new private sector banks for the quarter
ended 30.06.2013.
(vi)
Best Bank award among small Banks by IDRBT for “Banking Technology (Electronic
Payment Systems)” for the year 2012-13.
(vii)
In the NSDL Star Performer Awards 2013, KVB bagged “Top Performer in New
Accounts opened (Bank Category)”.
The
Bank is ranked as the 188th rank among India’s Most valuable Top 500 Companies
based on Market Capitalization as per November 2013 issue of Business Today.
Fortune
India December 2013 publication listed KVB as 227th Company under
Top 500 Companies in India.
MANAGEMENT DISCUSSION AND ANALYSIS
World Economic Overview
During 2013, the
global economic situation remained subdued in almost all major economies of the
world. The subdued performance was due to many factors. First, continuing
growth disappointments in major emerging market economies, reflecting, to
varying degrees, infrastructure bottlenecks and other capacity constraints,
slower external demand for growth, lower commodity prices, and financial
stability concerns and in some cases weaker policy support. Secondly, a
continued recession m in euro area in view of low demand, depressed confidence
and weak balance sheets. Third, the United States economy expanded at a weaker
pace, as stronger fiscal contraction weighed on improving market demand.
On the current
reckoning the global growth is likely to witness 3.5% in 2014, 0.5% higher than
in 2013
.
Overview
of the Indian Economy
India’s economy grew
marginally to 4.7% in 2013-14, a shade below the original estimate of 4.9% but
slightly above the 4.5% growth witnessed in 2012-13. This is the second
straight year when the Indian Economy has registered a below 5% growth. The
slower growth registered at 4.7% is on account of sharp decline in
manufacturing, mining, construction and logistics.
The manufacturing, biggest constituent of
Indian Industry, continued to remain under stress, declining 0.7% year on year
in FY 14 compared with 1.1% growth in FY13. The mining sector’s output shrank
1.4% compared with 2.2% dip in production in 2012-13.
It was mainly the
farm sector which by growing at 4.7% in 2013-14 was able to pull the GDP
growth. Farming contributes18% to the GDP now.
Construction grew slightly faster at 1.6% in
FY14 against 1.1% a year ago as interest rates remained high.
The services
sector, including financing, insurance and real estate grew 12.9% during the
fiscal under report compared with 10.9% in the previous fiscal FY 13.
Electricity, gas
and water supply grew 5.9% over double the rate of 2.3% in FY13. Trade, hotels,
transport and communication grew 3% in FY 14 against 5.1% in FY 13.
The growth in per
capita income is estimated at 2.7% in 2013-14 against 2.1% in 2012-13. Per
capita income at current prices in 2013-14 is estimated to have reached
Rs.0.073 Million from Rs.0.068 Million in 2012-13, a rise of 9.6%. Also the Gross
Fixed Capital Formation (GFCF) which is a barometer of investment at current
prices is estimated at Rs.3.211 lakh crore in 2013-14 as against Rs.30.72 lakh
crore in 2012-13.
The fiscal deficit
in 2012-13 stood at 4.5% of GDP lower than 4.6% projected in the revised
estimate, mainly on account of curbs on government expenditure. The fiscal
deficit, the gap between government’s expenditure and revenue, in actual terms
was Rs. 508 Lakh crore as against Rs.5.24 lakh
crore projected in the revised estimate.
During the fiscal
2013-14, India’s exports stood at US $ 312.36 bn and registered a growth of
3.98%. Imports were at US $ 450.95 bn, recorded a negative growth of 8.11%.
Total forex
reserves as at March 28, 2014 were at US $ 303.67 bn, and thus recorded an
increase of US $ 11.63 bn as against a decline of US $ 1.75 bn in the previous
fiscal 2012-13.
The inflation which was the central concern
during the year and in combination with the current account as well as fiscal
deficits, this has prompted RBI to raise its policy repo rate by 75 basis
points. Further, RBI capped Banks borrowings under LAF window which made banks
access MSF window which was another 100 Basis points higher. These changes have
pushed up the floor for rates and despite the liquidity infusion by the Reserve
Bank, short term interest rates have remained higher.
Overview of the Indian Banking Sector
Economic slowdown
and high inflation resulted in contraction in financial savings of households,
with a preference for investments being shifted to gold and real estate.
Deposit accretion in banks was affected.
Against the backdrop
of a slowdown in the Indian economy coupled with tepid global recovery, the
growth of Indian banking
Remained under
pressure in FY14. The deposit and credit growth was marginally better than that
in FY13. The growth in deposits of Scheduled Commercial Banks (SCBs) was at
14.6% in FY14. This is marginally up from the 14.2% growth recorded in FY13.
The growth is due
to the RBI’s liberal policy towards NRI Indian deposits. The credit growth at
14.3% in FY14 is also marginally better than that at 14.1% recorded in FY13.
The credit deposit ratio of the banking system marginally declined to 77.69% as
on 21.03.2014 from 77.95% as on 22.03.2013.
The operating
environment for the banking industry continued to be challenging in the fiscal
under report with persistent rising inflation, muted growth, and slow off-take
in credit, high non-performing assets and high incidence of restructured
assets.
|
CAST DETAILS CHENNAI COURT CASE STATUS
INFORMATION SYSTEM |
|
|
Case Status: |
Pending |
|
Status Of: |
TAX CASE APPEAL |
|
Case No.: |
630 |
|
Year : |
2013 |
|
Petitioner : |
COMMISSIONER OF INCOME |
|
Respondent : |
THE KARUR VYSYA BANK LIMITED |
|
Pet's Advocate : |
M/S.J. N. NARAY ANASWAMY |
|
Res's Advocate : |
-- |
|
Category : |
NO CATEGORY MENTIONED |
|
Last Listed on: |
No Date Mentioned |
|
Case Updated on : |
03.02.2014 |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
|
Claims against the Bank not acknowledged as debts |
47.746 |
66.144 |
|
Liability on account of outstanding: |
0 |
0 |
|
Forward Exchange Contracts |
72877.765 |
63118.783 |
|
Derivatives |
0.000 |
0.000 |
|
Guarantees given on behalf of Constituents in India |
23592.126 |
20029.114 |
|
Acceptances, Endorsements and other Obligations |
16546.614 |
14633.054 |
|
TOTAL
|
113064.251 |
97847.095 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs81.32. |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JGT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.